Bitcoin (BTC) Ends at $30,000 but Extends Its Worst Losing Streak

Key Insights:

• On Sunday, bitcoin (BTC) rose by 2.90% to end the week down by 3.30%, an eighth consecutive weekly loss.
• Weekend support reduced the deficit for the week, while the threat of an imminent regulatory overhaul left BTC under pressure.
• Bitcoin (BTC) technical indicators flash red, with bitcoin sitting below the 100-day EMA.

Bitcoin (BTC) rose by 2.90% on Sunday. Following a 0.84% gain on Saturday, bitcoin ended the week down by 3.30% to $30,264. The upside over the weekend came despite the recent increase in regulatory scrutiny.

A quiet weekend on the crypto news wires provided bitcoin and the broader market with much-needed respite.

Last week, investor sentiment toward a likely crypto regulatory overhaul added to the market angst. With investors fretting over Fed monetary policy and the threat of a recession, increase regulatory scrutiny may be the least of their worries, however.

For some investors, the collapse of TerraUSD (UST) and Terra LUNA may even justify the need for increased regulatory oversight.

The Bitcoin Fear & Greed Index Slides Despite a Bullish Weekend

This morning, the Fear & Greed Index fell from 14/100 to 10/100. The fall deeper into the Extreme Zone came despite bitcoin’s return to $30,000 levels.

Based on the trend, the pullback suggests a bearish start to the week, with several drivers, including regulatory scrutiny, currently in play and bearish for bitcoin and the broader crypto market.

A bullish start to the week for the US equity markets delivered early support, however. At the time of writing, the NASDAQ 100 mini was up 121.75 points.

Bitcoin (BTC) Price Action

At the time of writing, BTC was down 0.07% to $30,242.

Technical Indicators

BTC will need to avoid the $29,977 pivot to target the First Major Resistance Level at $30,735.

BTC would need the broader crypto market to support a breakout from $30,500.

An extended rally would test the Second Major Resistance Level at $31,214 and resistance at $32,000. The Third Major Resistance Level sits at $32,447.

A fall through the pivot would test the First Major Support Level at $29,509. Barring an extended sell-off, BTC should steer clear of sub-$28,000 levels. The Second Major Support Level at $28,747 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. This morning, BTC sits below the 100-day EMA at $31,364. The 50-day narrowed to the 100-day EMA. The 100-day EMA fell back from the 200-day EMA, however, BTC negative.

A move through the 100-day EMA to $31,500 would support a breakout session. By contrast, a fall through the 50-day EMA would bring support levels into play.